Business

Beijing, China | AFP |  China opened its Silk Road summit Sunday to showcase its ambitious plans to revive ancient trade routes from Asia to Europe and Africa. President Xi Jinping hailed the initiative for a massive network of rail and maritime links — dubbed One Belt, One Road — …

Uganda sets sh5,000 as maximum price for sugar; trade licences of hoarders to be revoked Government has intervened to control the escalating price of sugar in Uganda by setting a ceiling price of sh5,000. Addressing a press conference on Friday, Minister of Trade, Industry and Cooperatives Amelia Kyambadde directed that sugar be …

Uganda power distributor Umeme Limited has attributed the constant power outages that leave hundreds of Ugandans in the dark to global warming. During a stakeholders’ Annual General Meeting (AGM) at Sheraton Hotel on Thursday, Chairman Board of Directors Patrick Bitature said the national electricity grid could not handle increasingly stronger …

Representatives from 24 countries of the World Customs Organisation (WCO) of East and Southern Africa are in Uganda to participate in a two-day 22nd governance council meeting that is discussing tax matters. The Ministry of Finance, Planning and Economic Development and the Uganda Revenue Authority are taking the lead in this …

Washington, United States | AFP |  President Donald Trump’s sudden dismissal of FBI Director James Comey on Tuesday has seen the betting odds of a Trump impeachment skyrocket, bookmaking sites told AFP on Wednesday. Opposition Democrat lawmakers have ramped up calls for an independent investigation into possible collusion between the …

Top management at Uganda’s oldest telecom company UTL has been sacked to pave way for investigations into the company operations. In an interview with The Independent, Evelyn Anite, the state minister of finance for investment and privatization confirmed Uganda Telecom Ltd (UTL) has been put under provisional administration for one month (from …

Uganda Revenue Authority (URA) is on track to collect tax revenue of Shs 500 billion above target by end of the financial year 2016/2017. URA’s Commissioner General, Doris Akol says Shs 10.5 trillion has so far been collected as revenue for this financial year, and projections are now that they will collect …

Abuja, Nigeria | AFP |  Italian oil group Eni’s Nigerian subsidiary Agip is planning a 150,000-barrel per day refinery as part of efforts to reduce imports, junior oil minister Emmanuel Ibe Kachikwu said. Kachikwu met representatives from Eni and said agreement had been reached to build the facility in the …

Government of Uganda has set up a five-member committee to check the powers of the self regulated tax agents. Henry Saka, the commissioner for domestic taxes told The Independent on the sidelines of an event unveiling the committee at the Uganda Revenue Authority (URA) headquarters in Nakawa on May 10, …

MTN, which has 60 million subscribers in Nigeria, says it is the largest distributor of music Lagos, Nigeria | AFP |  Phizbarz is only 23 but hopes to become the next Nigerian Afropop star to be famous across Africa — and to get himself known and earn a living, he’s using …